This is big news, as it affects millions of Indian citizens – Government has now formally announced that Indians who earn less than 5 lakh per annum, do not need to file yearly tax returns (obviously with some caveats) – Instead Form 16 can be used as same!

Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin and Facebook.Arun’s Google+ Profile